The Apartment Sale Agreement is a specialized legal document used in New Zealand for transactions involving unit title properties under the Unit Titles Act 2010. This agreement is essential when selling or purchasing an apartment, unit, or flat that is part of a multi-unit complex. It differs from standard property sale agreements by incorporating specific provisions related to body corporate rules, shared facilities, and unit title requirements. The document ensures compliance with New Zealand property law while addressing unique aspects of apartment ownership, including body corporate fees, maintenance responsibilities, and common property rights. It is particularly important in urban areas where apartment living is common and requires careful consideration of both individual unit ownership and shared property responsibilities.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the apartment, including unit number, floor level, and share in common property
5. Purchase Price: Agreed purchase price and payment structure, including deposit details
6. Title and Ownership: Details of the unit title and associated ownership rights
7. Settlement and Completion: Settlement date, completion requirements, and possession arrangements
8. Vendor's Warranties: Warranties provided by the vendor regarding the property's condition and title
9. Purchaser's Warranties: Warranties provided by the purchaser regarding financial capacity and legal ability to purchase
10. Body Corporate: Information about body corporate rules, fees, and obligations
11. Risk and Insurance: Allocation of risk and insurance requirements until settlement
12. Default: Consequences of default by either party and remedies available
13. General Provisions: Standard legal provisions including notices, governing law, and execution requirements
1. Mortgage Finance: Include when purchaser requires mortgage finance to complete the purchase
2. Overseas Investment: Required when purchaser is an overseas person requiring OIO consent
3. GST: Include when either party is GST registered and the transaction has GST implications
4. Tenancy: Include when the property is sold with existing tenants
5. Building Report: Include when purchase is conditional on a satisfactory building inspection
6. Remediation Works: Include when specific repairs or improvements are agreed to be completed before settlement
7. Development Provisions: Include when the apartment is part of an off-plan or under-construction development
1. Schedule 1 - Property Details: Detailed description of the apartment, including floor plan and car park allocation
2. Schedule 2 - Chattels: List of chattels included in the sale
3. Schedule 3 - Body Corporate Information: Body corporate rules, fees, and recent AGM minutes
4. Schedule 4 - Title Documents: Copy of unit title, easements, and other relevant title documents
5. Schedule 5 - Warranties: Detailed vendor warranties about the property
6. Appendix A - LIM Report: Land Information Memorandum report from the local council
7. Appendix B - Building Report: Technical report on the building's condition (if applicable)
8. Appendix C - Pre-settlement Inspection Form: Form for recording the pre-settlement inspection results
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Legal Services
Financial Services
Property Management
Construction
Insurance
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Conveyancing
Compliance
Sales
Property Development
Risk Management
Operations
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Specialist
Property Manager
Body Corporate Manager
Property Developer
Legal Counsel
Compliance Officer
Property Valuer
Settlement Officer
Real Estate Partner
Property Transaction Manager
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